N.Y. Orders ‘Force-Placed’ Insurers to Submit New Lower Rate Proposals

June 13, 2012

  • June 13, 2012 at 2:45 pm
    FLagent/insured says:
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    Here’s a novel idea. How about the homeowner get their own insurance, that will stop the price gouging. Also they shouldnt lower the premiums too much as to make it more attractive to keep forced placed coverage as opposed to getting your own which is usually what happens when the insured sees the bill.

  • June 13, 2012 at 10:08 pm
    Txinsurancepro says:
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    It’s nice that legislators are weighing in. It will be interesting to see the adjusted pricing and underwriting ratios based on shorter average policy lifespans. One would think that a part insurers argument would be the dificul problem pricing shor term products.

  • June 14, 2012 at 9:04 am
    SJ says:
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    Sounds like someone forgot to pay their homeowners bill.

  • June 14, 2012 at 2:17 pm
    wudchuck says:
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    if you want forced placed companies to hold court, then allow them to have that rate at 10% higher than the competative rates. forcing them to have insurance and nobody wants them… unless you make it competative, you need to have a universal rate that the state recognizes… problem then becomes one like florida where more folks will find themselves insured by the state qualifier, and then possibly running out of money when it does come to a major catastrophe….

  • June 15, 2012 at 9:25 pm
    jeepnjohn says:
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    This is laughable. Homeowners Insurance is easily available for individual homeowners to purchase. If they choose not to comply with the terms of their mortgage then they should pay rediculously high rates. Let’s stop the babysitting and let people be responsible for their own lives.

  • June 18, 2012 at 5:04 pm
    Insurance DataArchitect says:
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    Why is NY allowing forced placed rate surcharges at all? Why not place the risk in a market plan already approved by the state? All of this would go away wouldn’t it?



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